To keep pace with the changing professional landscape, acknowledging the rise of new-age careers driven by the digital economy, the Income Tax Department has introduced five new professional codes in the ITR-3 form, formally recognizing professions such as social media influencers, speculative traders, commission agents, and futures & options (F&O) traders.
| Code | Nature of Business/Profession | Description |
|---|---|---|
| 09029 | Commission Agents (Kachcha Arahitya) | Agents working under commission, no ownership |
| 16021 | Social Media Influencers | Earning from brand deals, promotions, etc. |
| 21009 | Speculative Trading | Intraday trading or trades settled same day |
| 21010 | Futures and Options (F&O) Trading | Trading in derivatives on stock exchanges |
| 21011 | Buying and Selling Shares | Delivery-based equity trading |
What changes for a Trader/Investor?
This would result in ease of reporting income and compliance. You can consult your CA regarding this change ensuring your tax returns are filed according to the new changes.
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